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MarketScreener Homepage  >  Equities  >  Nasdaq  >  STAD VALU    SVACU

STAD VALU

(SVACU)
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STARBOARD VALUE ACQUISITION CORP. : Other Events (form 8-K)

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09/18/2020 | 05:55pm EDT

Item 8.01 Other Events.

On September 14, 2020, Starboard Value Acquisition Corp. (the "Company") consummated its initial public offering (the "IPO") of 36,000,000 units (the "Units") at an offering price of $10.00 per Unit and a private placement with SVAC Sponsor LLC of 6,133,333 private placement warrants at a price of $1.50 per warrant (the "Private Placement"). The net proceeds from the IPO together with certain of the proceeds from the Private Placement, $360,000,000 in the aggregate (the "Offering Proceeds"), were placed in a trust account established for the benefit of the Company's public stockholders and the underwriters of the IPO with Continental Stock Transfer & Trust Company acting as trustee. Except for the withdrawal from interest earned on the Offering Proceeds in the trust account to fund taxes payable, or upon the redemption by public stockholders of Class A common stock in connection with certain amendments to the Company's amended and restated certificate of incorporation, none of the funds held in the trust account will be released until the earlier of the completion of the Company's initial business combination or the redemption of 100% of the shares of Class A common stock included in the Units and issued by the Company in the IPO if the Company is unable to consummate an initial business combination within 24 months from the closing of the IPO.

An audited balance sheet as of September 14, 2020 reflecting receipt of the Offering Proceeds has been issued by the Company and is included as Exhibit 99.1 to this Current Report on Form 8-K.

© Edgar Online, source Glimpses


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